Sacramento Mayor Kevin Johnson announced Saturday that his city has reached a deal with developers to construct a new Downtown Plaza arena to house the Kings, who have been linked to a possible relocation to Seattle.

“I’m pleased to announce an agreement with [the] Burkle-Mastrov-Ranadive group on a public-private partnership to build a new [entertainment and sports complex] at [the] Downtown Plaza Mall,” Johnson wrote on Twitter. “Consistent w/our core tenets, the deal avoids new taxes, protects the City on the Kings loan, and ensures no net impact to the general fund.”

Johnson added that the investment group, which includes 24 Hour Fitness founder Mark Mastrov, billionaire Ron Burkle and TIBCO chairman Vivek Ranadive will “make a 35-year commitment to keep the Sacramento Kings right here where they belong!”

The agreement follows Johnson’s Feb. 28 State of the City address, which named Mastrov as the lead investor in an effort to purchase the Kings and Burkle as the head of the arena development effort. Ranadive, who is a part-owner of the Warriors, emerged this week as additional muscle behind the ongoing efforts to prevent the Kings from relocating to Seattle.